Bharat Urban Co-operative Bank, Solapur, has ceased to be a bank, as Reserve Bank of India, delivered the order cancelling its licence to the bank as on the close of business on November 25, 2011.

Brief History of Bharat Urban Co-operative Bank:

1998 – Licence granted by RBI to commence business.

2007 – The bank was issued supervisory instructions by RBI, based on its financial position as on March 31, 2006.

April 2011 – The Bank is placed under all inclusive directions under Section 35 A of the Act from the close of business as on April 13, 2011.

Oct 2011 – The above directions were further extended for period of six months.

Nov 2011 – RBI took the extreme measure of cancelling licence of the bank in the interest of bank’s depositors.

Nov 2011 – The process of paying the depositors of the Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra) the amount insured as per the DICGC Act, is set in motion. Of course, this is to subject to the terms and conditions of the Deposit Insurance Scheme.

‘Sola’, in Hindi means 16 and ‘Pur’, means village. The present Solapur city is an amalgamation of 16 villages, and Solapur, literally means 16 villages.

Solapur is world famous for its Textile Industries. Solapur Chaddars and Towels are famous around the globe.

As is the tradition of human settlements to have a presiding diety, Solapur too has a chief diety. The chief deity of Solapur city is Shri Siddeshwar. The “Nandidhwaj” procession on Makar Sankranti fair is attended by millions of devotees.

Another 2 events, which are unique to Solapur are

01) Solapur district enjoyed freedom even before independence. The citizens of Solapur enjoyed independence for three days from 9 to 11 May 1930.

02) Solapur Municipal Council was the first Municipal Council of India to hoist the national flag on its Municipal Council building (Now Municipal Corporation) Solapur in 1930.

Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra), has had a very short life. The number of depositors may not be large.